12月11日，早盘市场走势分化，三大指数涨跌不一，逾4100股飘绿，半日成交1.1万亿，较昨日放量209 亿。截至午间收盘，上证指数跌0.46%，深证成指跌0.18%，创业板指涨0.3%。 盘面上，贵金属板块延续强势，山金国际、晓程科技、中金黄金、赤峰黄金等涨幅靠前；风电股震荡走 强，金风科技、东方电气、瑞风新能源等涨幅靠前；商业航天概念活跃，再升科技4连板，华菱线缆、 四川金顶涨停，中超控股、广联航空、鸿远电子、天力复合跟涨。 焦点个股方面，摩尔线程盘中大涨，股价一度突破870元，总市值一度超过4000亿，再创新高，位居A 股第三，仅次于寒武纪和贵州茅台。 下跌方面，零售、房地产、福建本地股等板块回调。 展望后市，申万宏源认为，春季行情的级别和定位判断不变，春季行情可能是小级别行情。对总体市场 来说，春季行情可能是高位震荡行情中的反弹。 热门板块 1、贵金属板块延续强势 贵金属板块延续强势，山金国际、晓程科技、中金黄金、赤峰黄金等涨幅靠前。 点评：消息面上，美联储联邦公开市场委员会(FOMC)发布了最新的利率决议，宣布降息25个基点，将 联邦基金利率目标区间降至3.50%-3.75%。 点评：消息面上，国金 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.46% to 3882.72 points, the Shenzhen Component Index down 0.18% to 13292.61 points, and the ChiNext Index up 0.3% to 3218.55 points, as of midday trading [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.16 trillion yuan, with over 4200 stocks declining [1] Sector Performance - The commercial aerospace sector continued to perform strongly, with stocks like Zai Sheng Technology achieving a four-day consecutive rise, and Sichuan Jinding and others hitting the daily limit [1] - The wind power equipment sector led the gains, with Goldwind Technology hitting the daily limit and other companies like Shuangyi Technology and Tai Sheng Wind Power also rising [1] - The computing hardware sector was active, with Fuxin Technology hitting a 20% limit up and Saiwei Electronics reaching a historical high [1] - Conversely, the retail sector saw significant declines, with companies like Maoye Commercial and Zhongbai Group dropping nearly 9% [1] Industry Insights - The precious metals sector maintained its strength, with companies like Shanjin International and Zhongjin Gold showing notable gains [2] - Wind power stocks showed resilience, with companies like Goldwind Technology and Dongfang Electric leading the rise, supported by a report indicating a 34 billion yuan operating cash flow for the wind power industry in Q3, an increase of 700 million yuan year-on-year [3] - The commercial aerospace sector remained active, with Blue Arrow Aerospace's supply chain covering over 600 suppliers across more than 90 cities, indicating strong growth potential [4] Institutional Perspectives - Shenwan Hongyuan suggested that the upcoming spring market may be a rebound within a high-level consolidation phase, with potential policy triggers expected in mid-December [5] - Zhongtai Securities indicated that the market is likely to maintain a consolidation pattern in early December, with a focus on fiscal policy expectations from the Central Economic Work Conference [6] -招商证券 highlighted that December to the end of the first quarter is a traditional important allocation window for insurance funds, recommending attention to policies promoting domestic demand and new industries [7]

A股三大指数涨跌不一，截至午间收盘，沪指跌0.46%报3882.72点，深证成指跌0.18%，创业板指涨 0.3%，北证50跌0.09%。全市场成交额1.16万亿元，较上日成交额放量195亿元，超4200股下跌。盘面 上，风电设备、可控核聚变板块涨幅居前，商业航天板块再度活跃；零售、房地产、福建板块调整。 ...

| | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 咸新 | 招标幅% | | 涨跌 | | 息于 | 现手 金额 | | 上证指数 | 3882.72 | -0.46 | -17.78 | 514/1770 | -0.07 | 3.19 7. | 1.86万 4699.85亿 | | 深证成指 | 13292.61 | -0.18 | -23.81 | 530/2324 | -0.10 | 4.4221 | 1780 6872.06 7. | | 北证50 | 1388.60 | -0.09 | -1.20 | 79/206 | 0.07 | 3647 | 98 78.77 Z | | 创业板指 | 3218.55 | 0.30 | 9.55 | 253/1119 | | -0.13 1.27 7. | 1780 3246.67 亿 | 凤凰网财经讯 12月11日，早盘三大指数涨跌不一，沪指震荡下跌，创业板指冲高回落，此前一度涨超 1%。黄白线分化，微盘股指数跌超1.5%。截至午间收盘，沪 ...

盘中热点和量能的匹配情况。 首先，短期大盘仍以年终过渡性走势为主，其主要特征就是低成交量窄幅波动。 由于周二市场小幅回落，周三惯性探底后企稳整理，呈现出较强韧 性，下午则在房地产板块异军突起的带领下震荡回升，跌幅明显收窄，最终深成指成功翻红。从目前看，投资者对明年市场抱有较高预期，短线没有明显 的做空动力，但考虑到年底资金分流等因素影响，暂时仍以缩量盘整走势为主，进入12月下旬后，从布局明年市场考虑，多空天平将向多方倾斜。 从热点看，热点轮动，房地产板块异军突起，既有补涨轮涨的因素作用，也有市场期待政策面对房地产给与更多支持。 此外，商业百货、教育等大 消费板块也有轮动表现，短线波动几率较高。从跌幅榜看，电力设备、光伏设备、风电设备冲高回落，跌幅居前，亦以轮动为主。 展望后市： 大盘继续震荡整理，以稳为主。从技术面看，成交量萎缩，观望气氛有所增强。关注陆续公布的11月份宏观经济数据以及 风险提示： 消息面或海外市场表现超预期，流动性的不确定性。 ...

Market Overview - The A-share market experienced volatility with a "V-shaped" reversal on Wednesday, driven by a surge in a leading real estate company's stock, which boosted market sentiment [2][10] - The current market is characterized by technical resistance above and policy support below, indicating a likely path of repeated fluctuations and potential upward movement [2][10] - Recent data from the National Bureau of Statistics shows a 0.7% year-on-year increase in CPI for November, suggesting marginal improvement in domestic demand [2][10] Sector Analysis Precious Metals - The precious metals sector saw significant gains, attributed to factors such as the onset of a Fed rate cut cycle, increased geopolitical tensions, and strong demand from global central banks [6] - The weakening dollar and inflation concerns have led investors to view gold as a hedge against inflation, with rising demand for gold in technology applications further supporting this trend [6] Hainan Free Trade Zone - Stocks related to the Hainan Free Trade Zone were notably active, with multiple stocks hitting the daily limit up. The upcoming full island closure operation on December 18 is expected to enhance market activity [7] - The new policies will allow for freer movement of goods within Hainan while maintaining controlled access from the mainland, which is anticipated to benefit related stocks [7] Real Estate - The real estate sector experienced a rebound, driven by the upcoming discussion on debt restructuring for a leading real estate company and ongoing supportive policies from the government [8] - The industry is expected to see a gradual alleviation of risks, with a focus on high-quality companies that have strong land reserves and are returning to stable growth [8] Investment Strategy - Investors are advised to focus on low-entry opportunities across various sectors, including technology growth (semiconductors, AI themes, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [3][10] - It is recommended to select stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [3][10]

格隆汇12月11日｜深交所公告，"21万科06"(149568)盘中成交价较前收盘价首次下跌达到或超过20%， 根据《深圳证券交易所债券交易规则》和《关于对债券匹配成交实施盘中临时停牌有关事项的通知》等 有关规定，本所自今日10时38分19秒起对该债券实施临时停牌，于11时08分20秒复牌。 ...

【行情资讯】 1、商业航天加速"出海"，此前宣布 IPO 辅导的中科宇航旗下力箭一号精准送三颗国际用户卫星入轨； 2、国家药监局局长李利：将审评资源充分向"全球新"的原创性产品和突破"卡脖子"技术的国产替 代产品倾斜； 3、万科首个展期债券"22 万科 MTN004"的债权人大会今日召开，将讨论债券展期事宜； 文字早评 2025/12/11 星期四 4、Meta 全力转向闭源模型 新模型 Avocado 或于明年春季推出。 宏观金融类 期指基差比例： 股指 行情方面：周三，TL 主力合约收于 112.790 ，环比变化 0.18%；T 主力合约收于 108.030 ，环比变化 0.05%；TF 主力合约收于 105.825 ，环比变化 0.04%；TS 主力合约收于 102.456 ，环比变化 0.03%。 消息方面：1、中国 11 月 CPI 同比上涨 0.7%，预期 0.7%，前值 0.2%。11 月 PPI 同比下降 2.2%，预期降 2%，前值降 2.1%。2、IMF 预计，中国经济在 2025 年和 2026 年将分别增长 5.0%和 4.5%。相较 10 月《世 界经济展望》，上述预测值分别上调了 ...

Market Overview - The Hang Seng Index (HSI) has a short-term support level around 25,000 points, with the market anticipating two more interest rate cuts in 2026 following the Federal Reserve's recent 0.25% rate cut, which aligns with expectations [2][3] - The HSI has seen significant gains this year, with a year-to-date increase of 27.32%, leading to profit-taking incentives as trading volume decreases [3][4] Macroeconomic Focus - The Federal Reserve's recent decision to cut rates to a target range of 3.5% to 3.75% marks the third consecutive cut this year, with expectations for one more cut in 2026 [3][6] - The Fed plans to purchase $40 billion in Treasury bonds monthly to ensure adequate reserves in the financial system [6] - China's November CPI rose by 0.7%, while PPI fell by 2.2%, indicating mixed economic signals [6][9] Sector Insights - AI-related stocks are gaining traction, with products like Quark AI glasses and Doubao AI phones seeing strong sales, benefiting the supply chain [5] - The biopharmaceutical sector is expected to thrive due to rising flu cases and favorable financing conditions following interest rate cuts [5] - The insurance sector is also benefiting from strong A-share performance, enhancing investment returns [5] Corporate News - Lingbao Gold (3330) is acquiring over 50% of an Australian mining company for approximately 1.74 billion RMB [7] - Horizon Robotics is partnering with Carl Power for commercializing autonomous freight solutions [7] - The Fourth Paradigm has received a patent for AI smart glasses, enhancing its product portfolio [7] - Nvidia is developing location verification technology to combat chip smuggling [7] - CATL plans to issue bonds up to 10 billion RMB for project financing and debt repayment [7] - Lens Technology is in talks to acquire a 95% stake in a server cabinet production company [7] - Sunny Optical Technology (2382) reported a 7.5% year-on-year increase in mobile camera module shipments in November [7] - Qutai Technology (1478) experienced a 5.6% year-on-year decline in mobile camera module sales in November [7] - Alibaba Cloud launched AgentRun, a serverless AI infrastructure platform [7] - Tencent's TenPay Global partnered with Mastercard Move for cross-border remittance services [7] - JD.com (9618) is acquiring a stake in Ceconomy, subject to strict data protection regulations [7]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 汪雅航 市场分析 联储如期降息。宏观方面，国家统计局公布数据显示，中国11月CPI同比上涨0.7%，创2024年3月以来 最高；核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。11月PPI环比上涨0.1%，连续两个月上 涨，高基数下同比降幅扩大至2.2%。海外方面，美联储货币政策委员会会后公布，降息25个基点，将 联邦基金利率目标区间下调至3.50%–3.75%。为维持银行体系流动性充足，自12月12日起启动每月约 400亿美元的短期国债购买计划。美联储点阵图预测显示在2026年和2027年各有一次25个基点的降息。 鲍威尔在新闻发布会上表示，货币政策无预设路径，将逐次会议依据数据决策。 股指探底回升。现货市场，A股三大指数探底回升，沪指跌0.23%收于3900.50点，创业板指跌0.02%。 行业方面，板块指数涨多跌少，房地产、商贸零售、社会服务、通信行业领涨，银行、电力设备、计算 机行业跌幅居前。当日沪深两市成交额继续回落至1.78万亿元。海外方面，美国三大股指全线收涨，道 指涨1.05%报48057.75 ...